Bitcoin (BTC) Price Holds Steady at $64,000 Post-Halving: Weekend Market Update
Before the highly anticipated fourth halving, Bitcoin faced significant fluctuations but remained relatively stable post-event.
Most altcoins showed modest gains except for TON, which experienced a double-digit decline despite major announcements from Tether.
Post-Halving Stability for Bitcoin
Bitcoin’s tumultuous price movement began last Friday when it plummeted from over $71,000 to $65,000. The price briefly recovered several thousand dollars the next day, but it fell further to $61,000 hours later amid escalating tensions between Israel and Iran.
Attempts to rebound on Monday were unsuccessful, and the cryptocurrency depreciated throughout the business week. Earlier this week, an attack by Israel on Iran caused another dip in Bitcoin’s price, this time dropping below $60,000.
However, after Iran indicated it would not retaliate soon, Bitcoin’s price quickly rebounded and soared back to $65,000 within hours. Despite the network gearing up for its fourth halving, the past 24 hours have been relatively uneventful.
The halving event, which reduced block rewards to 3.125 BTC, occurred a few hours ago. Since then, Bitcoin’s price has remained fairly stable at around $64,000.
Its market cap has surpassed $1.25 trillion, with a dominant 51.5% hold in the cryptocurrency sector.
Noteworthy News Beyond the Halving
Apart from the halving, the most notable news came from Tether and Ton yesterday. Tether announced the launch of its two largest stablecoins on Ton’s network. This news immediately impacted TON’s price, which initially surged but fell significantly in the following hours, currently down by 12%.
In contrast, ICP surged 13%, with a trading price over $14. ADA rose by 7%, nearing $0.50. The rest of the major cryptocurrencies also showed gains, though more modestly.
The total market cap of cryptocurrencies on CoinGecko remains around $2.45 trillion.
Cryptocurrency Market Overview as of April 20, 2024. Source: Quantify Cryptocurrency Special Offers (Sponsored) 2024 Limited offer for Bybit CryptoPotato readers: Register for free at Bybit exchange using this link and open a $500 BTC-USDT position.
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